United Spirits Limited
NSE: UNITDSPR · Breweries & Distilleries · sector
₹1,239.00NSE close 2026-10-26
Key numbers
Market cap₹89,828 cr
Price₹1,239.00
52w high / low₹1,563 / ₹1,211
P/E46.7xSector median 21.8x
P/B10.0xSector median 1.9x
Book value₹123.5
Dividend yield1.40%Sector median 0.83%
ROE22.1%Sector median 8.9%
ROCE26.0%Sector median 10.9%
OPM7.5%Sector median 6.1%
Debt / equity0.00xSector median 0.49x
EV/EBITDA40.9xSector median 24.1x
Interest cover16.7x
Current ratio2.05x
Sales growth 3y0.0%Sector median +11.1%
Profit growth 3y+17.4%Sector median +14.2%
PEG2.69x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 27 companies in Breweries & Distilleries (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹3,134 cr vs borrowings ₹6 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 16.7x in the last 12 months.
- 1.18% of the promoters' shares are pledged (0.7% of all shares).
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY24, FY23).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 27% of net profit in the last 12 months.
- Dividend paid in 3 of the last 5 financial years.
- Price ₹1,239.00 on 2026-10-26: -20.7% from the 52-week high, +2.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,682.45 · low ₹1,239.00
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,672 | 7,732 | 6,634 | 6,295 | 7,199 | 7,942 | 6,855 | 6,122 |
| EBITDA | 502 | 503 | 460 | 630 | 630 | 589 | 553 | 348 |
| OPM % | 7.5% | 6.5% | 6.9% | 10.0% | 8.8% | 7.4% | 8.1% | 5.7% |
| Other income | 54 | 72 | 175 | 72 | 81 | 51 | 295 | 73 |
| Net profit | 341 | 335 | 421 | 417 | 464 | 418 | 539 | 463 |
| EPS (₹) | 4.80 | 4.72 | 5.93 | 5.87 | 6.53 | 5.88 | 7.59 | 6.52 |
| Revenue YoY | +7.9% | +2.7% | +3.3% | -2.7% | ||||
| Profit YoY | +36.1% | +24.7% | +28.0% | +11.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 31,062 | 27,815 | 26,018 | 27,276 | 27,816 | 28,118 |
| EBITDA | 1,443 | 1,593 | 1,984 | 2,178 | 2,195 | 2,120 |
| Net profit | 829 | 1,136 | 1,408 | 1,582 | 1,838 | 1,884 |
| EPS (₹) | 11.68 | 16.01 | 19.83 | 22.28 | 25.89 | 26.52 |
| Revenue growth | -10.5% | -6.5% | +4.8% | +2.0% | +2.9% | |
| Profit growth | +37.1% | +23.9% | +12.4% | +16.2% | +24.4% | |
| Dividend / share (₹) | – | – | 4.00 | 5.00 | 18.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | 0.0% | +0.3% | +2.9% |
| Net profit | +17.4% | +36.8% | +24.4% |
| EPS | +17.4% | +36.8% | – |
| Share price | – | -6.9% (2y) | -4.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 6,000 | 7,121 | 8,104 | 8,953 |
| Borrowings | – | 1 | 25 | 0 | 6 |
| Cash & equivalents | – | 1,139 | 1,868 | 2,903 | 3,134 |
| Total assets | – | 9,762 | 11,249 | 13,248 | 14,469 |
| Fixed assets | – | 1,151 | 1,071 | 1,307 | 1,215 |
| Capital work in progress | – | 67 | 37 | 72 | 77 |
| Investments | – | 0 | 34 | 0 | 14 |
| Receivables | – | 2,434 | 3,056 | 3,410 | 3,609 |
| Inventory | – | 2,230 | 2,063 | 2,305 | 2,668 |
| Payables | – | 1,782 | 1,954 | 2,239 | 2,383 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Cash from investing | -313 | -53 | 226 | -1,114 | -428 |
| Cash from financing | -688 | -501 | -407 | -557 | -1,450 |
| Capex | 134 | 137 | 98 | 162 | 181 |
| Free cash flow | 843 | 478 | 1,020 | 1,785 | 1,278 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 18.9% | 19.8% | 19.5% | 20.5% |
| ROCE % | – | 23.1% | 27.1% | 27.5% | 26.6% |
| Debtor days | – | 32 | 43 | 46 | 47 |
| Inventory days | – | 134 | 125 | 132 | 146 |
| Payable days | – | 107 | 118 | 128 | 130 |
| Cash conversion cycle (days) | – | 59 | 50 | 50 | 63 |
| Working capital days | – | 34 | 49 | 60 | 66 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 56.67% |
| FIIs | 12.85% |
| DIIs | 17.65% |
| of which Mutual funds | 14.83% |
| of which Insurance | 1.69% |
| Government | 0.01% |
| Public (non-institutions) | 12.82% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 56.67% | 56.67% | 56.67% | 56.67% | 56.67% | 56.67% | 56.67% | 56.67% |
| Promoter group | % |
|---|---|
| Diageo Relay B.V. | 55.88% |
| United Breweries (Holdings) Limited | 0.76% |
| Vittal Investments Private Limited | 0.02% |
| Vijay Mallya | 0.01% |
| Devi Investments Private Limited | 0.00% |
| Kingfisher Finvest India Limited | 0.00% |
| Mallya Private Limited | 0.00% |
| Rossi And Associates Private Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| HDFC Mutual Fund - Various Schemes | 4.62% |
| USL Benefit Trust | 2.38% |
| Aditya Birla Sun Life Trustee Private Limited A/c - Various Schemes | 2.10% |
| Kotak Mahindra Trustee Co Ltd A/c - Various Schemes | 1.50% |
| Nippon Life India Trustee Ltd - Various Schemes | 1.20% |
| ICICI Prudential - Various Schemes | 1.04% |
2,58,028 shareholders. Pledged: 1.18% of promoter shares.
Peers in Breweries & Distilleries
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| UNITDSPR | ₹89,828 cr | 46.7x | 10.0x | 22.1% | 26.0% | 7.5% | 0.0% | 1.40% |
| RADICO | ₹56,251 cr | 79.9x | 17.0x | 23.2% | 27.0% | 5.2% | +18.1% | 0.09% |
| UBL | ₹30,041 cr | 76.0x | 6.6x | 8.9% | 10.9% | 4.6% | +1.6% | 0.83% |
| ABDL | ₹18,770 cr | 85.7x | 11.3x | 13.8% | 17.1% | 7.1% | – | 0.54% |
| TI | ₹12,032 cr | – | 4.0x | -1.7% | 2.6% | 3.5% | +28.6% | 0.16% |
| PICCADIL | ₹5,389 cr | 38.1x | 6.0x | 15.6% | 15.5% | 20.3% | – | – |
| GLOBUSSPR | ₹2,069 cr | 20.5x | 1.9x | 9.6% | 12.1% | 7.3% | +8.6% | 0.39% |
| INDIAGLYCO | ₹1,916 cr | 5.8x | 0.7x | 12.2% | 11.3% | 6.5% | +13.9% | 3.93% |
| GMBREW | ₹1,784 cr | 10.3x | 1.6x | 16.3% | 20.0% | 6.1% | +8.6% | 0.96% |
| SDBL | ₹1,400 cr | – | 1.8x | -4.0% | -0.9% | 0.9% | +15.4% | 0.01% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Beverage alcohol | ₹12,467 cr | 95.8% | ₹2,286 cr | 18.3% |
| Sports | ₹545 cr | 4.2% | ₹159 cr | 29.2% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-08 | Dividend | Dividend - Rs 11 Per Share |
| 2026-01-27 | Dividend | Interim Dividend - Rs 6 Per Share |
| 2025-08-01 | Dividend | Dividend - Rs 8 Per Share |
| 2025-04-03 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2024-07-12 | Dividend | Dividend - Rs 5 Per Share |
| 2023-11-17 | Dividend | Interim Dividend - Rs 4 Per Share |
| 2019-08-13 | Other | Annual General Meeting |
| 2018-08-30 | Other | Annual General Meeting |
| 2018-06-15 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2017-08-22 | Other | Annual General Meeting |
| 2014-09-18 | Other | Annual General Meeting |
| 2013-09-16 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2012-09-17 | Dividend | Annual General Meeting/ Dividend Rs. 2.50 Per Share |
| 2011-09-21 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2010-09-21 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2009-09-22 | Other | Agm/Div-Rs.2/- Per Share |
| 2008-12-19 | Dividend | Agm/Dividend - 15% |
| 2007-11-20 | Dividend | Agm/Final Dividend-10% |
| 2007-03-22 | Dividend | Interim Dividend-15% Purpose Revised |
| 2006-12-08 | Dividend | Agm/Dividend-20% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing(MainActivityGroupCode – C1): The company is involved in the manufacture, sale, and distribution of alcoholic beverages.
| Sector | Fast Moving Consumer Goods |
| Industry | Breweries & Distilleries |
| Sub-industry | Breweries & Distilleries |
| Symbol | UNITDSPR |
| BSE code | 532432 |
| ISIN | INE854D01024 |
| Face value | ₹2.0 |
| Incorporated | 1999-03-31 |
| Website | www.diageoindia.com |
| Plants (India / abroad) | 9 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.